Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 1
2024-11-1
Copper: Today, the spot copper price in Foshan market continues to be stable, and market transactions continue to be cautious. In October, funds switched to gold to hedge, LME copper hit a three-week low, with a monthly decline of 3.22%. SHFE copper was weak and fluctuated, and the fluctuation was always limited. In October, the domestic copper supply was relatively limited, but the continuous inflow of imported copper, coupled with the downstream maintenance of rigid-demand procurement, did not show more bright performance, and the overall social inventory was limited, making it difficult to provide more upward momentum. With the approach of the US election and the Federal Reserve's meeting on interest rates, the market sentiment is more cautious, and copper prices continue to fluctuate at a high level, waiting for more direction guidance. At present, the demand of spot copper market is weak, most copper factories and enterprises purchase on demand, and most cargo holders take the safe withdrawal of funds as the first priority, so the transaction is weak.
Aluminum: Today, the price of aluminum in Foshan market rose slightly, and the market was cautious. The fundamentals of SHFE aluminum began to loosen, the market entered the end of seasonal peak season, the demand peaked in stages and lacked upward drive, and SHFE aluminum showed a volatile situation. Also, orders in the terminal market slowed down, spot transactions cooled down, and the downstream took a wait-and-see attitude, only maintaining rigid demand procurement, and the price fluctuation was limited.
Zinc: Today, the price of zinc fluctuates sideways at a high level. On the eve of the US election and the Federal Reserve's interest rate decision, the market has a strong wait-and-see atmosphere. Traders are more cautious in receiving goods, and most of them make inquiries after receiving orders. The downstream manufacturers mainly stock up before digesting, and the market transactions are dull. Trader should pay attention to the follow-up policy changes in the short term, and the spot zinc price in the medium term is still expected to hit a high in October.
Stainless Steel: LME nickel's 14-day losing streak approached a new low in the year, domestic SHFE nickel and stainless steel futures continued to fall, and the confidence in the spot market was hit hard. In addition, large steel mills lowered the purchase price of molten steel, and the atmosphere of falling prices in the scrap industry broke out instantly, and manufacturers followed suit to lower prices, accelerating the pace of supply circulation. Traders should pay attention to the financial direction in the after-market and it is expected that the stainless steel will oscillate. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose slightly, and the market was cautious. The fundamentals of SHFE aluminum began to loosen, the market entered the end of seasonal peak season, the demand peaked in stages and lacked upward drive, and SHFE aluminum showed a volatile situation. Also, orders in the terminal market slowed down, spot transactions cooled down, and the downstream took a wait-and-see attitude, only maintaining rigid demand procurement, and the price fluctuation was limited.
Zinc: Today, the price of zinc fluctuates sideways at a high level. On the eve of the US election and the Federal Reserve's interest rate decision, the market has a strong wait-and-see atmosphere. Traders are more cautious in receiving goods, and most of them make inquiries after receiving orders. The downstream manufacturers mainly stock up before digesting, and the market transactions are dull. Trader should pay attention to the follow-up policy changes in the short term, and the spot zinc price in the medium term is still expected to hit a high in October.
Stainless Steel: LME nickel's 14-day losing streak approached a new low in the year, domestic SHFE nickel and stainless steel futures continued to fall, and the confidence in the spot market was hit hard. In addition, large steel mills lowered the purchase price of molten steel, and the atmosphere of falling prices in the scrap industry broke out instantly, and manufacturers followed suit to lower prices, accelerating the pace of supply circulation. Traders should pay attention to the financial direction in the after-market and it is expected that the stainless steel will oscillate. (Analyzed by LTIT)
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